UK-based equities boutique Crux Asset Management has been acquired by investment manager Lansdowne Partners for an undisclosed sum.
Upon completion of the deal, which is subject to regulatory approval, Crux founder and fund manager Richard Pease (pictured) will retire.
The two funds he manages, TM Crux European and TM Crux European Special Situations, will be run by Lansdowne Partners portfolio manager Daniel Avigad.
The firm said all other strategies will continue to be run by their existing managers, with Crux’s nine funds all anticipated to transition to Lansdowne.
Pease said: “I am delighted that Crux will benefit from being a part of Lansdowne Partners and I am confident there is no better home for our clients and staff to thrive.
“Daniel is a natural successor for the TM Crux European Special Situations Fund and TM Crux European Fund and I look forward to introducing him to clients and working closely with him in the months ahead to ensure a smooth transition at completion.”
Founded in 1998, Lansdowne Partners is a UK-based global investment manager which predominantly runs institutional strategies.
Karen Zachary, Crux CEO, said: “Lansdowne Partners is an ideal home for Crux and its clients with a strong cultural fit and similar approach to investing. Richard Pease has had an exceptional career and we are pleased that following his well-deserved retirement his investors will benefit from Daniel’s expertise, which until 2022 was only available to institutional clients.
“Crux funds will benefit from having access to Lansdowne’s world-class operational infrastructure that was built to serve some of the world’s largest institutional clients.”